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|IS SACCO LOAN CHEAPER THAN BANK LOAN??????? judge for yourself by Sande(m): Thu May 2019 09:15pm|
IS SACCO LOAN CHEAPER THAN BANK LOAN?having delt with both recently, allow me to throw my two cents, i humbly admit am not profesional financial advisor but a CPA dropout,,hehe.....
Lets see ,a week ago, a member of this group was in a dilema, she wanted a loan of ksh 300k ,her sacco was offering it at 12% while the bank 14%. Some people would say 14 na 12 gani kubwa mweny macho haambiwi tazama.
but lets go deeper, for you to qualify for a bank loan you need not a big bank balance, trust me you can borrow with 0.00 balance all you need is a cash flow statement,the stronger the better on the other hand, in sacco, you must have a shares, in most cases a third of money you want to borrow,,,,so in her case she had a 100k, one thing about sacco, once you borrow you savings are locked in away you can only access it soon after you are done serving the loan. In other word, wamekukopesha 200 yao na 100k yako. ,,,
allow me to say at that point, wamekukopesha 200 k ,but charged it 12% of 300k. So interest payable would be(assuming zinalipwa na 1 yr)= 36000.
While kwa bank 42000...
Lets go back, so unalipa 36k interest kwa sako, yet pesa yao wamekuipea ni 200k? When you do cross multiplacation you will find, wamekupea hyo pesa na 18%,.. Yaani 200k *18/100= 36000.,,,
both bank and saccos have hidden charges, za bank they are bold to kata kata, when giving you loan, but saccos ni wakora, they spread it over the repayment period,you will get to understand it when you ask for statement, utasikia ledger fee per month, insurance per month etc.
...YES SACCOS ,bila kizungi mingi cat walks charge 18%,,,wenye mliiambiwa mambo ya reducing balnce, i dare you to take that loan, after repayment, take the statement ,i will provide calculater, utaachwa ukishangaa who regulates sacco,,, is a scam, at least for my sacco apa tu kilifi,,,,,
but uzuri wao wanakulanga panya pole pole wakikupuliza,, na sweet talk kama "dividends"..
Hahahahaa hii ndio imfungilia watu wa kwa sacco, unakopeshwa pesa yako mwenyewe, na unailipia,,,
,, watu wa dividends msinipige mawe, in banks pia kuna kitu inaitwa fixed account, it also earns interest p year, so in her case if the 100k in her sacco angepeleka fixed bank, bado angepata dividends end of year,,,,
am not campaigning for banks but, good thing about bank is, ukilipa pesa yao vizuuri next unapata a higher loan limit, their upper limit is not limited to saving you have unlike sacco you know it cannot rise above the shares can allow, th only good thing out of sacco is saving discipline, the ka feeling "nikimaliza kulipa loan yangu nitapata saving yangu iko". But the worst is when you want to withdraw it, unaambiwa "shares lazima uandike barua 1 month ama utafuta mtu umuuzie(though not all saccos)"
,,, ladies and gentle men, allow me to stand strong and authoritatively say, SACCO LOAN VS BANK LOAN.
Signed mungai wa rahafu
|RE: IS SACCO LOAN CHEAPER THAN BANK LOAN??????? judge for yourself by Marshall(m): Wed May 2019 03:53pm|
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